Alaska Statutes: AS 32.06.903. Conversion of Limited Partnership to Partnership.

Alaska Statutes. Title 32. Partnership Chapter 6. Uniform Partnership Act Section 903. Conversion of Limited Partnership to Partnership.

previous: Section 902. Conversion of Partnership to Limited Partnership.
next: Section 904. Effect of Conversion; Entity Unchanged.

AS 32.06.903. Conversion of Limited Partnership to Partnership.

(a) A limited partnership may be converted to a partnership under this section.
(b) Notwithstanding a provision to the contrary in a limited partnership agreement, the terms and conditions of a conversion of a limited partnership to a partnership must be approved by all of the partners.
(c) After the conversion is approved by the partners, the limited partnership shall cancel its certificate of limited partnership.
(d) The conversion takes effect when the certificate of limited partnership is canceled.
(e) A limited partner who becomes a general partner as a result of the conversion remains liable only as a limited partner for an obligation incurred by the limited partnership before the conversion takes effect. The partner is liable as a general partner for an obligation of the partnership incurred after the conversion takes effect.

This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful.